Real Estate Wholesaling Questions & Answers

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Larry Lee
  • Real Estate Investor
  • high point, NC
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Need advice on selling first wholesale deal. HELP

Larry Lee
  • Real Estate Investor
  • high point, NC
Posted Oct 6 2011, 08:06

I've just placed my first property under contract yesterday. I sent out an email to my buyers list yesterday as well with pics and info on the deal. My inspection period is 15 days but I'd like to have the deal assigned long before then if possible. The details are below. Any advice would be appreciated.

I have Property under contract for $83,000
Tax value of property is $153,000
Estimated Repairs needed $25,000
After repair estimated value $180,000
My asking price is $88,000

The property is a 2700 sq. ft. lake front home sitting on half an acre of land with great lake views. My buyers list consists of 64 local investors but I plan on placing the property on craigslist if I dont get any bites by monday. After another 5 days or so Ill let other wholesalers know about the deal and just split my profit with them.

Can any experienced wholesaler give me some advice on this deal. How long should I wait to get an offer from my list before placing it on craigslist or should I go ahead and place it there now? Is partnering with a local wholesaler a realistic last minute option?

I'm just a bit anxious as its my first time going thru the process. Any advice would be greatly appreciated.

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